The Newton-le-Willows firm also said there might be a reduction in pre-tax profits as a result of the accounting irregularities.

Speedy has now announced that Deloitte LLP will carry out a 'forensic' style independent investigation into the matter.

In a separate statement released today Speedy said: "Further to the company's interim results announcement on November 12, Mike McGrath has stepped down from the board. His employment will cease on a date to be determined."